Welcome to Lacerte where zero as a 0 is totally ignored. It is the same as a blank. If you want a zero enter a negative one (-1) and you get a zero, sometimes shown as zero and sometimes shown as blank. 

Ideally you show distributions, debt reduction, etc  such that your balance ends as zero and the k-1s should follow along. 

https://proconnect.intuit.com/community/form-1065/help/partnership-capital-account-analysis-and-sche...

https://proconnect.intuit.com/community/partnership/help/form-1065-partners-capital-account-shows-en...

Hey George4Tacks

What you mention isn't quite the issue I have. I've zeroed out the capital account balances & balance sheet, no issues there.

What I am trying to adjust is the ending ownership % shown on each owners K1. Where is says:

Partners share of profit, loss, and capital

Beginning of year / End of year

50% / 50%

50% / 50%

50% / 50%

I want the ending to show zero %, because the partnership was closed.

I think the instructions say to show the % immediately before the termination.

Interesting. I did find this in the instructions:

"If a partner's interest commences after the beginning of the partnership's tax year, enter in the Beginning column the percentages that existed for the partner immediately after admission. If a partner's interest terminates before the end of the partnership's tax year, enter in the Ending column the percentages that existed immediately before termination."

Maybe its just always been habit, but I've always shown ownership as zero for a final partnership / K-1. The software I used before Lacerte easily let us show it this way. I even went back and looked at a bunch of final PTP K-1s I have on file, and they all show zero ending ownership.

I am not going to go crazy trying to adjust this.

srjcpa, I appreciate you leading me to the instructions.

You're welcome.

Thanks this is helpful.